Question: Answer: 3.39072 Please, DO NOT use Excel. Please the solution step by step, your hand writing is valuable. 9) Mustafa's portfolio consists of an annuity

Answer: 3.39072 Please, DO NOT use Excel. Please the solution step

Answer: 3.39072

Please, DO NOT use Excel. Please the solution step by step, your hand writing is valuable.

9) Mustafa's portfolio consists of an annuity with monthly payments of $1,000 each month for five years and a $20,0008% eight-year par-value bond bearing semiannual coupons. Calculate the Macaulay duration of the portfolio at 9%

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